Headlines:
- Majority of firms undertake annual staff surveys and some do 360 reviews
- Retaining paraplanners is hard as when they get better qualified, they often move on so a career path is key to keeping them
- On average most firms recognised the 29-33% figure representing adviser REM
- Smaller firms need to be more adaptable regarding pay etc to compete
Key Challenges:
- Clarity on roles is key and regular reviews are essential to assist in retaining good staff. Millennials often need more regular reviews
- Attracting younger people into the profession is very important and firms need to work hard to make the jobs/career opportunities look exciting
- Remuneration structures varied a lot in the room and whatever the structure a firm has it must fit the culture of the firm and help drive the right outcomes
- Different models of servicing clients with advisers and para planners compared to advisers are emerging (in the USA) in the UK
Conclusion:
- Look at other organisations to see what changes you can make to make your roles exciting
- Paraplanners are definitely the in demand people at the moment and retaining them is difficult for many firms
- Clarity on roles, regular meetings/feedback and flexible career opportunities are key in today’s market place.
Expert: Steven Greenfield and Martyn Chapel, Dimensional Fund Advisors Ltd
